Amendment: SEC Form SC 13G/A filed by The Baldwin Insurance Group Inc.

Amendment: SEC Form SC 13G/A filed by The Baldwin Insurance Group Inc.

Amendment: SEC Form SC 13G/A filed by The Baldwin Insurance Group Inc.

Amendment: SEC Form SC 13G/A filed by The Baldwin Insurance Group Inc.

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The Baldwin Insurance Group Inc. filed SEC Form 8-K: Financial Statements and Exhibits

SEC Form 424B7 filed by The Baldwin Insurance Group Inc.

The Baldwin Insurance Group Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Creation of a Direct Financial Obligation, Unregistered Sales of Equity Securities, Leadership Update, Financial Statements and Exhibits

The Baldwin Group Completes Acquisition of Capstone Group to Further Strengthen National Platform and Expand Regional Expertise

The Baldwin Group Announces Leadership Appointments in its Insurance Advisory Solutions Segment

The Baldwin Group Completes Merger Transaction with CAC Group

Director Sparks Paul Eugene was granted 1,097,435 shares (SEC Form 4)

SEC Form 3 filed by new insider Sparks Paul Eugene

Director Sullivan Chris Thomas was granted 1,054 shares, increasing direct ownership by 1% to 83,254 units (SEC Form 4)

Chief Financial Officer Hale Bradford bought $287,200 worth of shares (10,000 units at $28.72), increasing direct ownership by 7% to 144,659 units (SEC Form 4)

The Baldwin Group upgraded by Wells Fargo with a new price target

The Baldwin Group downgraded by BMO Capital Markets

The Baldwin Group downgraded by Raymond James with a new price target

BitGo Appoints Brian Brooks, Sunita Parasuraman, Justin Evans to Board of Directors

The Baldwin Group Completes Acquisition of Capstone Group to Further Strengthen National Platform and Expand Regional Expertise

The Baldwin Group Completes Merger Transaction with CAC Group

The Baldwin Group and CAC Group to Merge, Creating the Largest Majority Colleague-Owned, Publicly-Traded Insurance Broker

11/1/24 3:41:28 PM ET

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SC 13G/A 1 d910501dsc13ga.htm SC 13G/A SC 13G/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

Baldwin Insurance Group Inc (formerly BRP Group Inc)

(Name of Issuer)

Common Shares

(Title of Class of Securities)

05589G102

(CUSIP Number)

September 30, 2024

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☒ Rule 13d-1(b)

☐ Rule 13d-1(c)

☐ Rule 13d-1(d)

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 05589G102

Page 2 of 13

CUSIP No. 05589G102

Page 3 of 13

CUSIP No. 05589G102

Page 4 of 13


Item 1.

	(a)	Name of Issuer Baldwin Insurance Group Inc (formerly BRP Group Inc)

	(b)	Address of Issuer’s Principal Executive Offices 4211 W. Boy Scout Blvd., Suite 800, Tampa, FL 33607

Item 2.

	(a)	Name of Person Filing This Schedule 13G is jointly filed by Macquarie Group Limited, Macquarie Management Holdings Inc and Macquarie Investment Management Business Trust

	(b)	Address of Principal Business Office or, if none, Residence The principal business address of Macquarie Group Limited is Level 1, 1 Elizabeth Street, Sydney, New South Wales, Australia. The principal business address of Macquarie Management Holdings Inc. and Macquarie Investment Management Business Trust is 610 Market Street, Philadelphia, PA 19106.

	(c)	Citizenship Macquarie Group Limited—Sydney, New South Wales, Australia Corporation Macquarie Management Holdings Inc., Macquarie Investment Management Business Trust– incorporated or formed under the laws of the State of Delaware.

	(d)	Title of Class of Securities Common Stock

	(e)	CUSIP Number 05589G102

Item 3.	If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

	(a)	☐	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

	(b)	☐	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

	(c)	☐	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

	(d)	☐	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

	(e)	☒	An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

	(f)	☐	An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

	(g)	☒	A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

	(h)	☐	A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

	(i)	☐	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

	(j)	☐	A non-U.S. institution in accordance with § 240.13d–1(b)(1)(ii)(J);

	(k)	☐	Group, in accordance with § 240.13d–1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with § 240.13d–1(b)(1)(ii)(J), please specify the type of institution:____________________________

Page 5 of 13


Item 4.	Ownership

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

	(a)	Amount beneficially owned: See responses on the cover page hereto.

	(b)	Percent of class: See responses on the cover page hereto.

	(c)	Number of shares as to which the person has:

		(i)	Sole power to vote or to direct the vote See responses on the cover page hereto.

		(ii)	Shared power to vote or to direct the vote 0

		(iii)	Sole power to dispose or to direct the disposition of See responses on the cover page hereto.

		(iv)	Shared power to dispose or to direct the disposition of 0

Item 5.

Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following

Item 6.

Ownership of More than Five Percent on Behalf of Another Person

Not applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

See Exhibit A.

Item 8.

Identification and Classification of Members of the Group

Not applicable.

Item 9.

Notice of Dissolution of Group

Not applicable.

Page 6 of 13

Item 10.

Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


Macquarie Group Limited		November 1, 2024
		Date

/s/ Philip Alexander		/s/ Charles Glorioso
Signature		Signature


Philip Alexander Associate Director		Charles Glorioso Division Director

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


Macquarie Management Holdings, Inc.		November 1, 2024
		Date

/s/ Marty Wolin
Signature


Marty Wolin Chief Compliance Officer


Macquarie Investment Management Business Trust		November 1, 2024
		Date
/s/ Marty Wolin
Signature


Marty Wolin Chief Compliance Officer

Page 7 of 13

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Date	Price Target	Rating	Analyst
12/12/2025	$25.00	Underweight → Equal Weight	Wells Fargo
10/13/2025		Outperform → Market Perform	BMO Capital Markets
8/7/2025	$40.00	Strong Buy → Outperform	Raymond James
4/8/2025	$45.00	Overweight → Neutral	Analyst
3/27/2025	$53.00	Outperform	BMO Capital Markets
12/11/2024	$43.00 → $41.00	Equal Weight → Underweight	Wells Fargo
10/17/2024		Mkt Perform → Outperform	William Blair

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11/1/24 3:41:28 PM ET

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SC 13G/A 1 d910501dsc13ga.htm SC 13G/A SC 13G/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

Baldwin Insurance Group Inc (formerly BRP Group Inc)

(Name of Issuer)

Common Shares

(Title of Class of Securities)

05589G102

(CUSIP Number)

September 30, 2024

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☒ Rule 13d-1(b)

☐ Rule 13d-1(c)

☐ Rule 13d-1(d)

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

CUSIP No. 05589G102

Page 2 of 13

CUSIP No. 05589G102

Page 3 of 13

CUSIP No. 05589G102

Page 4 of 13


Item 1.

	(a)	Name of Issuer Baldwin Insurance Group Inc (formerly BRP Group Inc)

	(b)	Address of Issuer’s Principal Executive Offices 4211 W. Boy Scout Blvd., Suite 800, Tampa, FL 33607

Item 2.

	(a)	Name of Person Filing This Schedule 13G is jointly filed by Macquarie Group Limited, Macquarie Management Holdings Inc and Macquarie Investment Management Business Trust

	(b)	Address of Principal Business Office or, if none, Residence The principal business address of Macquarie Group Limited is Level 1, 1 Elizabeth Street, Sydney, New South Wales, Australia. The principal business address of Macquarie Management Holdings Inc. and Macquarie Investment Management Business Trust is 610 Market Street, Philadelphia, PA 19106.

	(c)	Citizenship Macquarie Group Limited—Sydney, New South Wales, Australia Corporation Macquarie Management Holdings Inc., Macquarie Investment Management Business Trust– incorporated or formed under the laws of the State of Delaware.

	(d)	Title of Class of Securities Common Stock

	(e)	CUSIP Number 05589G102

Item 3.	If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

	(a)	☐	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

	(b)	☐	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

	(c)	☐	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

	(d)	☐	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

	(e)	☒	An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

	(f)	☐	An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

	(g)	☒	A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

	(h)	☐	A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

	(i)	☐	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

	(j)	☐	A non-U.S. institution in accordance with § 240.13d–1(b)(1)(ii)(J);

	(k)	☐	Group, in accordance with § 240.13d–1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with § 240.13d–1(b)(1)(ii)(J), please specify the type of institution:____________________________

Page 5 of 13


Item 4.	Ownership

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

	(a)	Amount beneficially owned: See responses on the cover page hereto.

	(b)	Percent of class: See responses on the cover page hereto.

	(c)	Number of shares as to which the person has:

		(i)	Sole power to vote or to direct the vote See responses on the cover page hereto.

		(ii)	Shared power to vote or to direct the vote 0

		(iii)	Sole power to dispose or to direct the disposition of See responses on the cover page hereto.

		(iv)	Shared power to dispose or to direct the disposition of 0

Item 5.

Ownership of Five Percent or Less of a Class

Item 6.

Ownership of More than Five Percent on Behalf of Another Person

Not applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

See Exhibit A.

Item 8.

Identification and Classification of Members of the Group

Not applicable.

Item 9.

Notice of Dissolution of Group

Not applicable.

Page 6 of 13

Item 10.

Certification

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


Macquarie Group Limited		November 1, 2024
		Date

/s/ Philip Alexander		/s/ Charles Glorioso
Signature		Signature


Philip Alexander Associate Director		Charles Glorioso Division Director

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


Macquarie Management Holdings, Inc.		November 1, 2024
		Date

/s/ Marty Wolin
Signature


Marty Wolin Chief Compliance Officer


Macquarie Investment Management Business Trust		November 1, 2024
		Date
/s/ Marty Wolin
Signature


Marty Wolin Chief Compliance Officer

Page 7 of 13

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Date	Price Target	Rating	Analyst
12/12/2025	$25.00	Underweight → Equal Weight	Wells Fargo
10/13/2025		Outperform → Market Perform	BMO Capital Markets
8/7/2025	$40.00	Strong Buy → Outperform	Raymond James
4/8/2025	$45.00	Overweight → Neutral	Analyst
3/27/2025	$53.00	Outperform	BMO Capital Markets
12/11/2024	$43.00 → $41.00	Equal Weight → Underweight	Wells Fargo
10/17/2024		Mkt Perform → Outperform	William Blair

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Names of Reporting Persons

Macquarie Group Limited

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) ☒ (b) ☐

SEC Use Only

Citizenship or Place of Organization

Sydney, New South Wales Australia